Second Quarter 2003

Supplemental Financial Package

American Mortgage Acceptance Company (“AMAC”)

625 Madison Avenue

New York, NY 10022

Phone: 212-588-1765

Fax: 212-751-3550

Web Site: www.americanmortgageco.com

AMEX Symbol: AMC

Investor Contacts:

Stuart Rothstein

Chief Financial Officer

212-421-5333

Brenda Abuaf

Director of Shareholder Services

800-831-4826

Certain items in this document may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performances or achievements of AMAC to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements speak only as of the date of this document. AMAC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in AMAC’s expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.

Second Quarter 2003

Supplemental Financial Package
Table of Contents
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Statements of Income	5
Capitalization as of Quarter-End	6
Dividend Yield	7
Portfolio Summary	8
Portfolio Distribution	9
Contingent Obligations	10
Acquisition Activity	11-12
Disposition/Payoff Activity	13

Second Quarter 2003 Supplemental Financial Package

Financial Highlights

	Quarter Ended June 30,						% change		Six Months Ended June 30,						% change
(Numbers in thousands, except per share data)	2003			2002					2003			2002
Operating Data
Revenues	$	3,303		$	2,695		22.6	%	$	7,536		$	4,738		59.1	%
Net Income		2,573			2,458		4.7	%		5,765			4,597		25.4	%
Per Share data:
Net income per Diluted Share	$	0.32		$	0.39		-17.9	%	$	0.79		$	0.81		-2.5	%
Dividends per Common Share	$	0.40		$	0.38		5.3	%	$	0.80		$	0.74		8.1	%
Weighted Average Diluted Common Shares		8,159			6,364					7,273			5,666
Ratios
Interest Coverage		5.0x			9.0x					6.5x			8.9x
Net Income Payout Ratio (per Diluted Share)		126.8	%		97.1	%				100.9	%		90.9	%
Total Dividends Paid	$	3,335		$	2,386				$	5,881		$	4,693

	June 30, 2003			June 30, 2002
Capitalization
(based on market value as of period-end)
Total Debt		123,377			61,451
Common Equity		144,751			85,273
Total Capitalization	$	268,128		$	146,724
Total Assets	$	258,893		$	152,339
Total Debt to Total Assets		47.7	%		40.3	%
Total Debt to Total Market Capitalization		46.0	%		41.9	%
Total Common Shares Outstanding		8,338			6,364
Share Price at Period-End	$	17.36		$	13.40

Second Quarter 2003

Supplemental Financial Package

Consolidated Balance Sheets

(Dollars in thousands)
	June 30, 2003			March 31, 2003			June 30, 2002
Assets
Investments in debt securities	$	157,688		$	115,773		$	79,990
Investments in mortgage loans, net		15,581			12,367			20,061
Investment in ARCap		20,240			20,240			20,241
Real estate owned		7,844			7,920			—
Cash, cash equivalents		3,406			3,645			11,116
Restricted cash		8,282			8,282			—
Notes receivable		43,401			42,442			19,617
Other assets		2,451			2,137			1,314
Total assets	$	258,893		$	212,806		$	152,339
Liabilities
Repurchase facility payable	$	105,717		$	93,565		$	61,451
Warehouse facility payable		17,660			16,997			—
Interest rate hedges		1,234			393			—
Accrued interest payable		292			187			44
Accounts payable and accrued expenses		459			350			506
Due to Advisor and affiliates		655			611			464
Distributions payable		3,335			2,545			2,386
Total liabilities		129,352			114,648			64,851
Shareholders' Equity
Shares of beneficial interest		871			674			674
Treasury shares of beneficial interest		(38	)		(38	)		(38	)
Additional paid-in capital		126,746			99,470			99,487
Distributions in excess of net income		(14,587	)		(13,824	)		(14,601	)
Accumulated other comprehensive income		16,549			11,876			1,966
Total shareholders’ equity		129,541			98,158			87,488
Total liabilities and shareholders’ equity	$	258,893		$	212,806		$	152,339

Second Quarter 2003 Supplemental Financial Package

Consolidated Statements of Income

(Dollars in thousands, except per share data)

	Quarter Ended June 30,				Six Months Ended June 30,
	2003		2002		2003			2002
Revenues:
Interest Income:
Debt securities	$	1,980	$	1,370	$	3,852		$	2,454
Mortgage loans		356		609		1,763			1,010
Notes receivable		878		627		1,796			1,114
Temporary investments		7		13		15			24
Other income		82		76		110			136
Total revenues		3,303		2,695		7,536			4,738
Expenses:
Interest		643		307		1,050			579
General and administrative		182		164		425			284
Fees to Advisor		456		371		899			728
FNMA loan program		—		3		—			358
Amortization and other		49		—		206			6
Total expenses		1,330		845		2,580			1,955
Other gain:
Equity in earnings of ARCap		600		608		1,200			1,200
Net gain (loss) on repayments and sales of
Debt securities		—		—		(391	)		614
Net income	$	2,573	$	2,458	$	5,765		$	4,597
Net income per share
Basic	$	0.32	$	0.39	$	0.79		$	0.81
Diluted	$	0.32	$	0.39	$	0.79		$	0.81
Weighted average shares outstanding
Basic		8,144		6,364		7,259			5,666
Diluted		8,159		6,364		7,273			5,666

Second Quarter 2003 Supplemental Financial Package

Capitalization as of Quarter-End

(Dollars in thousands, except per share data)

Equity

Description	Shares Outstanding	Quarter-End Price		Market Value
Common Stock	8,338,180	$	17.36	$	144,751

(Dollars in thousands)

Debt

Description	Program	Interest Rate1 (at June 30, 2003)		Outstanding Balance
Repurchase Facility Payable	Repo2	1.8	%3	$	105,717
Warehouse Facility Payable	Fleet Credit Facility	3.44			17,660
Total/Weighted Average		2.0	%	$	123,377

Total Market Capitalization

	Balance		% of Total
Equity
Common	$	144,751	54.0	%
Debt
Working Capital Repurchase Facility		105,717	39.4
Warehouse Credit Facility		17,660	6.6
Total Debt		123,377	46.0
Total Market Capitalization	$	268,128	100.0	%

Notes:

1. Weighted average interest rate of each borrowing at June 30, 2003.

2. On March 25, 2003, the Company entered into a five-year interest rate swap. The Company is required to pay Fleet National Bank a fixed rate of 3.48% on a notional amount of $30 million and, in return, will receive a floating rate equivalent to 30-day LIBOR.

3. Interest rate on the repurchase facility is based on a two basis point spread above 30-day LIBOR for both GNMA and FNMA collateral. The interest rate shown is the weighted average between the actual rate paid on the floating rate debt outstanding on the repo facility and the rate paid on the $30 million in debt that has been fixed through the above noted swap with Fleet National Bank.

4. Interest rate on the Fleet Credit Facility is based on a 200 basis point spread above one-to-six-month LIBOR, at the Company’s option.

Second Quarter 2003

Supplemental Financial Package

Dividend Yield

	For Quarter		Annualized		End of Period Share Price		Yield on Period- End Share Price
1999 Dividend		—	$	1.45	$	8.88	16.3	%
2000 Dividend		—	$	1.45	$	7.94	18.3	%
2001 Dividend		—	$	1.45	$	14.55	10.0	%
2002 Dividend		—	$	1.51	$	14.09	10.7	%
1Q 2003 Dividend	$	0.4000	$	1.60	$	15.73	10.2	%
2Q 2003 Dividend	$	0.4000	$	1.60	$	17.36	9.2	%

	Second Quarter 2003
	Supplemental Financial Package

Portfolio Summary

Investments/Asset Type	Outstanding Principal at 6/30/2003		Fully- Funded Principal Balance		Fair Value/ Carrying Amount1		Weighted Average Stated Interest Rate2		Weighted Average Expected Maturity3 (in years)
(Dollars in thousands)
First Mortgage Loans	$	2,781	$	2,853	$	2,777	11.3	%	0.5
Participating Mezzanine Loans		12,266		13,165		11,263	10.2	4	9.3
Variable Rate Mezzanine Loans		1,541		1,541		1,541	6.0	5	1.1
GNMA Certificates		106,342		126,688		124,897	7.2		10.3
FNMA Certificates		33,563		32,108		32,791	5.5		14.3
ARCap Preferred Shares		20,0006		20,0006		20,240	12.0		N/A
Real Estate Owned7		N/A		N/A		7,782	N/A		N/A
Bridge Loans		21,498		23,999		21,375	11.8		1.1
Variable Rate Bridge Loans		22,158		24,392		22,026	5.7	5	1.4
Total/Weighted Average—All investments	$	220,149	$	244,746	$	244,692	7.8	%	8.6

Notes:

1. First mortgages, mezzanine loans and bridge loans are carried at cost, net of unamortized loan origination costs and fees. GNMA and FNMA certificates are carried at fair value, which is based on market prices obtained from independent sources. ARCap is carried at cost plus any declared, unpaid dividend.

2. Weighted average stated interest rate is calculated based on the fully funded amount of each individual loan within each investment/asset type as of 6/30/03.

3. Weighted average expected maturity is calculated based on the earlier of the maturity date of a loan or the earliest date that a loan can be repaid without penalty.

4. Weighted average yield on mezzanine loans, not including participation. Interest rate is based on a fixed percentage on the first mortgage loan.

5. These loans are variable rate debt obligations with the interest rate calculated based on a spread over 30-day LIBOR.

6. 800,000 shares at original per share price of $25.00.

7. A 132-unit multifamily housing apartment complex located in La Porte, Texas.

	Second Quarter 2003
	Supplemental Financial Package Q2 2002

Portfolio Distribution

By Investment Type1	Geographic Diversification by State2

Notes:

1. Percentage is calculated based on fair value/carrying amount of each loan type as of June 30, 2003.

2. Percentage is calculated based on the carrying amount of loans; investment in ARCap is not included.

Second Quarter 2003 Supplemental Financial Package

Contingent Obligations

Standby Loan Commitments

The company issues standby permanent loan commitments for the construction or rehabilitation of multifamily apartment complexes. In return, the company receives a fee for issuing these commitments.

Permanent Loans

Issue Date	Project	Location	No. of Apt. Units	Amount		Loan Commitment Fee		Loan Origination Fee	Commitment Expiration
March-02	Sunset Gardens	Eagle Pass, TX	60	$	717,000	3.49	%	N/A	September 2003
August-02	Highland Park	Topeka, KS	200		4,250,000	2.00	%	1.00%, if funded	December 2003
Total Standby Permanent Loan Commitments			260	$	4,967,000

Guaranteed Construction Loans

The Company provides credit support for the following projects after construction completion, up until the date in which permanent financing takes place.

Date Closed	Project	Location	No. of Units	Amount		Loan        Administration        Fee (annualized rate)1		Construction Guarantee Fee2		Expected Expiration of Guarantee
September-02	Creekside Apts.	Colorado Springs, CO	144	$	7,500,000	0.375	%	—		October 2003
July-02	Clark's Crossing	Laredo, TX	160		4,790,000	0.500	%	0.625	%	October 2003
October-02	Village at Meadowbend	Temple, TX	138		3,675,000	0.500	%	0.750	%	February 2004
November-02	Mapleview Apartments	Saginaw, MI	104		3,240,000	0.625	%	0.247	%	July 2004
Total Guaranteed Construction Loans			546	$	19,205,000

Notes:

1. Loan Administration Fee is paid monthly based on the annualized rate divided by twelve during the guarantee period.

2. Construction Guarantee Fee is an up-front fee—paid at closing.

Second Quarter 2003

Supplemental Financial Package

Acquisition Activity

Acquisitions	Location	Units	Date Originated/ Acquired	Face Amount of Loan	Amount Funded at Close	Interest Rate	Final Maturity	Prepayment
Mortgage Loans
Desert View	Coolidge, AZ	45	4/4/2003	$1,011,000	$1,011,000	11.00%	Apr 2004	N/A
Mezzanine Loans
Villas at Highpointe (Note A)	North Little Rock, AR	304	4/22/2003	2,600,000	2,363,808	14.57%	Apr 2033	Apr 2013
Villas at Highpointe (Note B)	North Little Rock, AR	*	4/22/2003	693,000	—	23.76%	Apr 2033	Apr 2013
Total/Weighted Average		304		3,293,000	2,363,808	16.50%		Apr 2013
FannieMae DUS Bonds			Settlement Date	Original Face	Total Price
Allegro	Minneapolis, MN	N/A	6/30/2003	2,567,000	2,587,055	5.38%	Jul 2033	Dec 2012
Bay Forest	Annapolis, MD	N/A	4/21/2003	3,883,662	4,347,364	7.43%	Oct 2028	Nov 2014
Cambridge	Cambridge, MA	N/A	4/11/2003	3,600,000	3,699,563	5.56%	Mar 2033	Mar 2018
Coventry Place	Shreveport, LA	N/A	5/9/2003	725,000	796,561	6.48%	Mar 2032	Mar 2017
30 West Apts.	Norwalk, CT	N/A	5/27/2003	1,290,000	1,379,249	6.08%	Oct 2016	Oct 2013
Sultana	Temple City, CA	N/A	6/30/2003	4,120,000	4,131,588	4.65%	Jun 2023	Dec 2022
Village West	Stockton, CA	N/A	6/30/2003	779,000	791,659	4.91%	Jun 2021	May 2018
Courtwood	Woodland, CA	N/A	6/26/2003	1,750,000	1,777,344	4.69%	Jun 2033	Jun 2018
Rancho De Cieto	Brownsville, TX	N/A	5/13/2003	2,343,000	2,633,456	6.33%	Sep 2017	Mar 2017
Buena	Torrance, CA	N/A	6/30/2003	3,000,000	3,074,531	4.83%	Jun 2033	Jun 2018
Elmwood Gardens	Mesquite, TX	N/A	5/15/2003	5,500,000	5,584,219	5.35%	May 2033	May 2018
Jackson Park	Le Mesa, CA	N/A	5/30/2003	2,750,000	2,794,688	5.15%	Jun 2018	Dec 2017
Total/Weighted Average		N/A		32,307,662	33,597,277	5.55%		Dec 2013
Bridge Loans
Valley View	North Little Rock, AR	*	5/1/2003	400,000	400,000	12.00%	Dec 2003	N/A

Second Quarter 2003 Supplemental Financial Package

Acquisition Activity (continued)

Acquisitions	Location	Units	Date Originated/ Acquired	Face Amount of Loan		Amount Funded at Close		Interest Rate	Final Maturity	Prepayment
				Price1		Price1
Real Estate
Plaza at San Jacinto	La Porte, TX	132	5/6/2003		6,670,000		6,670,000
Total Q2 2003 Acquisitions				$	43,681,662	$	44,042,085
Total Q1 2003 Acquisitions				$	19,562,228	$	18,858,228
Total YTD Acquisitions				$	63,243,890	$	62,900,313

Notes:

N/A = Loan can be prepaid without penalty.

* Not applicable to avoid duplication.

1. Price reflects amounts paid to purchase first mortgage, which was foreclosed upon, and at which time AMAC took possession of the property. AMAC had a mezzanine loan of $1.25 million, bringing our investment in Real Estate owned to $7.92 million.

Second Quarter 2003 Supplemental Financial Package

Disposition/Payoff Activity

Loan Dispositions	Location	Units	Type	Face Amount of Loan at Payoff		Permanent Interest Rate		Realized Gains/ (Losses)
GNMA Certificates
Copper Commons	N/A	N/A	Payoff	$	2,205,400	8.50	%		—
Total Q2 2003 Disposition/Payoffs				$	2,205,400			$	—
Total Q1 2003 Disposition/Payoffs				$	18,686,399			$	(391,078	)
Total YTD Disposition/Payoffs				$	20,891,799			$	(391,078	)